Swedish fast-fashion retailer H&M reported weaker-than-expected fourth-quarter sales on Thursday due in part to a late Black Friday, but said sales were up 4% in December and January, indicating a better start to the new fiscal year.

Hennes & Mauritz sales disappointed investors as the timing of Black Friday weighed on its quarterly figures while the new year has started at a slightly higher pace.

H&M reported weaker-than-expected fourth-quarter sales on Thursday due in part to a late Black Friday, but said sales were up 4% in December and January, indicating a better start to the new fiscal year for the Swedish fast-fashion retailer.

Daniel Erver, who was appointed as the Hennes & Mauritz boss last January, said he is confident the group is ‘on the right track’.